The NICEIC Pension Scheme has completed a £66m full buy-in with Just Group, securing the retirement benefits for 237 pensioners and 154 deferred members.

Legal advice was provided by Sackers, while actuarial and investment advice was provided by WTW, and administration was provided by Barnett Waddingham. James Double and James Duggan of Vidett were acting as sole trustee.

The deal, which was completed in October, is expected to help enhance the security of members' benefits, as well as reduce the level of risk to the scheme's sole employer, Electrical Safety First.

Indeed, Electrical Safety First chair of trustees, Sarah Frost, said that the deal will allow the charity to concentrate on its core work - reducing deaths and injuries caused by electricity in UK homes.

Also commenting on the deal, Vidett sole trustee, James Double, added: “As an independent trustee, the security of members’ benefits is at the heart of what we do.

“We are thrilled that we have been able to secure this buy-in transaction, in such a busy market. K3 Advisory guided us through our journey smoothly and efficiently.”

Adding to this, K3 Advisory partner, Andrea Mendham, said: "It is always especially gratifying to provide a good result for a scheme in the charity sector.

“In this case we are also especially pleased to have helped the trustee structure the buy-in to allow full de-risking upfront whilst allowing over 18 months of flexibility over the premium payment to accommodate for the fact that over 10 per cent of the scheme’s assets are illiquid.

“This is a great example of how we are able to secure favourable pricing for well-prepared schemes, leading to an excellent result all round.”

---